Greetings! Yesterday’s news comes from London, where the Prime Minister has been since Saturday, holding meetings with foreign investors and taking the opportunity to connect with Greek businesspeople, bankers, and various influential figures who inevitably show up whenever they sense proximity to power. Fair enough, it’s not a bad thing—after all, the Prime Minister always draws a crowd. Even if Mr. Doudonis doesn’t like it, as he pointed out on TV yesterday (SKAI), saying, “And who exactly is Mitsotakis, wanting a third term? He’s not George Washington…”—only to be reminded by the journalists of the late Andreas Papandreou, who did serve a third term.

London Calling

Now, you’ll find more details about London’s business matters below, but I’d like to say a few words about the famous issue of the Parthenon Marbles, which has resurfaced in recent days. The truth is that the PM’s office prefers to keep this matter out of the limelight for now, and understandably so. “It’s not the right time, and it’s harmful to us. Plus, it’s not tactful towards the new British Prime Minister to bring it up, since formally, it’s not his decision,” my source says. However, from another non-governmental source, I know that progress is being made. A formula is being sought whereby the Parthenon Marbles will return permanently, but without the British officially saying they’ve been “returned for good,” and without us agreeing to any term like “loan” in the deal.

Remember that in March 2023, the Vatican, under the Pope’s directive, returned three fragments from the Parthenon’s northern frieze to Athens, now housed in the Acropolis Museum. It’s even speculated that these fragments might have been part of the same shipment as the Marbles looted by Lord Elgin, now held in the British Museum. If the plan moves forward, Greece will loan a significant archaeological artifact every six months to be displayed where the Parthenon Marbles once stood.

What Investors Asked

The Prime Minister, K.M., fielded many questions during the closed session of Morgan Stanley’s event, attended by numerous corporate executives. I hear much of the discussion focused on political stability, as the City is concerned about developments in Europe, especially with France’s turbulence and Germany heading for early elections. “Greece faces no risk of political instability; we have a stable government,” K.M. assured them, emphasizing that his administration’s policies are delivering results despite Europe’s sluggish growth. Naturally, they also inquired about the government’s stance on banks, with K.M. shutting down any talk of a windfall tax on bank profits. Under new EU rules, such revenues can’t be funneled into social programs.

The Prime Minister also mentioned the Thessaloniki Metro, saying, “If I wanted to describe my vision for Greece, I’d use the Thessaloniki Metro as an example. It’s an impressive public project that overcame numerous obstacles, facing resistance from all kinds of forces. It’s a state-of-the-art metro system that preserves our cultural heritage. For me, this represents the Greece of the future.”

The Closed Session, the Nobel Laureate, and Artificial Intelligence

K.M. spent about 2.5 hours at a closed session organized by former Prime Minister Tony Blair’s institute, focusing on artificial intelligence. He was accompanied by Akis Skertsos and Dimitris Papastergiou, while Tony Blair had assembled an impressive group, including 2024 Chemistry Nobel Laureate Demis Hassabis, whose heritage is half Cypriot and half Singaporean.

The discussion covered practical applications of AI, with a presentation of an incubator set up on Downing Street, featuring 20 scientists offering solutions across various fields. Both sides agreed on closer cooperation, as the Greek government seeks expertise in areas like healthcare services (e.g., triage), prescription management, agriculture, and road safety.

Mytilineos on European Policies

At the Morgan Stanley conference, Evangelos Mytilineos stood out for his critical stance on European policies that overlook the real needs of citizens and businesses. He commented on the diminished role of the EU, which no longer plays a significant part in shaping global developments. He attributed this decline to a power struggle between soft and hard power politics, noting that Europe excelled in the former but is ill-prepared for the era of hard power. He questioned whether the aging continent could once again lead in innovation.

When the Entire Room Burst into Laughter

The conference hall erupted in laughter when an investor asked whether the crisis in France and the collapse of the German government might impact the Greek economy. Someone wryly noted that 10-15 years ago, the conversation was the exact opposite—everyone was wondering if Greece’s crisis would affect Germany and France.

Dinner with Blair

Beyond the packed schedule, Prime Minister K.M. had a private dinner with Tony Blair last night. It’s said that Blair holds Mitsotakis in high regard, personally appreciating him. Blair perhaps sees in Mitsotakis a reflection of his own “Third Way” political model, which he implemented as Prime Minister. However, after his meetings with Morgan Stanley, discussions on artificial intelligence, and a sit-down with Keir Starmer, K.M. is set to return to Greek politics for talks with Nikos Androulakis on Wednesday.

Diplomatic Incident at the Douzoglou Villas

Yesterday, I mentioned the ongoing troubles of Venezuelan-born businessman Theodoros Douzoglou with the Anti-Money Laundering Authority, which remain in full swing. Today, I’ll recount a wild incident that nearly escalated into a full-fledged diplomatic episode.

Last July, Queen Lalla Salma of Morocco, the first wife of King Mohammed VI (their marital status remains unclear), visited Mykonos with their eldest son, the heir to the throne, and other members of the royal family. A well-known hotel company arranged for their accommodation in some of Douzoglou’s villas in Agios Lazaros, Mykonos, due to unavailability in its own facilities.

Trouble began when Douzoglou discovered that such high-profile guests were staying in his villas. He demanded additional payment from the hotel company. While this could have been settled as a simple civil dispute, things escalated. On the day of the royal family’s departure, shortly after the family members had left, black-clad men resembling bodyguards blocked the villas and prevented the royal staff from retrieving their luggage.

The incident quickly reached the government via diplomatic channels, and the Greek police (ELAS) arrived within minutes. High-level orders were clear: “Anyone obstructing the royal family’s departure is to be arrested on the spot.” The mysterious men promptly disappeared, and the situation was resolved. However, the incident remains on record at the Mykonos police station. Is Greece turning into Venezuela?

Question About the Golden Visa “Loophole”

Following a column’s mention of potential misuse of a provision allowing Golden Visas for properties worth at least €250,000, provided they involve industrial buildings converted into residences, PASOK MP Milena Apostolaki submitted a related query to Finance Minister Kostis Hatzidakis. She noted a trend, particularly in Attica, where industrial properties are subdivided and repurposed as residential units, sold for €250,000 to third-country nationals, enabling them to acquire Golden Visas under advantageous terms.

The Double Denial Boosted the Stock Market

The double denial by the Prime Minister of rumors regarding a new windfall tax on banks and energy profits, coupled with the decline in 10-year bond yields (2.883%)—lower than France’s 2.921%—and the dividends announced by TERNA Energy, provided a solid boost to the stock market yesterday. A total of 34.3 million shares were traded, with 29.61 million involving the banking sector. The Banking Index surged by 4.61%, marking its best daily performance since November 14, 2023. The General Index, buoyed by the banking sector, remained positive throughout and closed at 1,424.33 points (+2.21%). It wasn’t just bank stocks that saw impressive gains. Metlen rose by 3.73% to €32.22, PPC hit €11.77 (+2.79%), TITAN hovered near €40 (€39.8, +2.71%), with BIOHALCO, HelleniQ Energy, and Motor Oil (back above €20) all contributing to the festive mood. Aegean (+2.32%) and Coca Cola (+1.91%) also added to the optimism, setting a target of 1,500 points for the index.

The Tangled Web of EAS

The situation at Hellenic Defense Systems (EAS) is growing increasingly complex, making solutions harder to find. Today marks the rescheduled General Assembly of EAS shareholders, primarily the Ministry of Finance, overseen by the Ministry of Defense. The current board’s term ended on Sunday, December 1, and CEO Nikos Kostopoulos, the longest-serving CEO in EAS history, has not indicated plans for renewal. Meanwhile, company accounts are frozen pending the new board’s appointment. The assembly will decide on the new CEO, board members, and a capital increase.

Regarding objections raised by ONEX over a strategic partnership between EAS and Slovakian (Czech-backed) company MSM Export for a European-funded project called ASAP, the Council of State was set to hear the case today but postponed its decision to March 18, 2025. If this date holds, March could stretch into summer—who knows what will unfold by then? Last week, EAS paid MSM Export €4 million for their ASAP share, raising questions about the legality of the payment pending the Council’s ruling. How this Gordian knot will be untangled remains to be seen.

OTE’s “Ritiro”

In football, Italian teams often retreat to a hotel or training center before big matches for a “ritiro” (from ritirare, meaning to withdraw), a practice that frequently delivers results. This approach is now finding its way into the corporate world. OTE plans to hold its own ritiro at a well-known Peloponnesian hotel, gathering department heads and the new leadership under Kostas Nebis, who took over a few months ago. This retreat aims to solidify the team as they execute their new strategy, set for 2030. As Nebis recently explained to journalists, this strategy rests on three pillars: growth, diversification, and transformation—focusing on improving customer service and operational efficiency.

Black Friday Shenanigans

One of Greece’s largest electronics retailers advertised a camera for Black Friday with a 36% discount at €1,999, down from €3,119. However, a price history check revealed the camera cost €3,119 only last January, while in October it was priced at €2,299, making the real discount just 13%. “Fine print,” you might say, but there’s more: a TV was touted as selling for €548, the year’s lowest price, yet on September 17, it was priced at €483.

The Apple and Goldair

“The apple doesn’t fall far from the tree,” goes the saying, which fits the case of Matilda-Maria Kalliniku, daughter of Goldair Group head Kallinikos Kalliniku and Regina Golemi. The 22-year-old serves as President and CEO of the newly established “TIP TAP Solutions S.A.,” headquartered on Amalias Avenue. With an initial capital of €25,000, the company will offer services in financial intermediation, transaction processing, software development, electronic systems management, business consulting, and market research. Kallinikos Kalliniku holds the position of Vice President, while Regina Golemi completes the three-member board.

The Two Scenarios for the Port of Piraeus

Various scenarios are circulating in the market about the identity and intentions of the systematic and cautious buyer of shares in the Piraeus Port Authority. One theory points to a fund from across the Atlantic. Another suggests a major hotel group, which is either interested in or has already agreed to participate in Cosco’s €800 million investment plan. This plan includes the construction of a five-star hotel, three four-star hotels, commercial spaces, and a logistics center within the cruise passenger terminal. The main focus of this investment is the transformation of the iconic “Pagoda” building into a five-star hotel, a landmark for the area.

Global Trade as We Knew It Is Over

Donald Trump has openly and bluntly declared economic war against BRICS countries. He warned—via “X” (formerly Twitter)—that nations aligning with BRICS to move away from the dollar will face 100% tariffs and must forget about exporting to the U.S. This marks the first time in history that a U.S. president has threatened 100% tariffs on imports from nine countries simultaneously. BRICS, which began in 2011 with Brazil, Russia, India, China, and South Africa, expanded this year to include Iran, the UAE, Ethiopia, and Egypt. Additionally, 34 more countries have expressed interest in joining. Trump’s warning seemingly targets them too. Simply put, global trade, as we knew it, is over.

Records and the Magnificent Seven

The S&P 500 index remained consistently above 6,000 points, finishing last Friday with the highest monthly gains of the past year. It’s no secret that this stellar performance is driven by the “Magnificent Seven” (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla). Since the start of 2023, these seven companies have rallied by 148%, while the other 493 S&P 500 companies rose by 35% during the same period. The overall index gained 57%, nearly three times less than the tech giants. The combined market capitalization of the “Magnificent Seven” has reached $16 trillion, equaling the total capitalization of the German, French, British, and Canadian stock exchanges.

Oil Won’t Be a Problem in Europe This Year or Next

For now, “divide and conquer” is working in Europe’s favor regarding oil prices. During the last week of November, Brent crude and U.S. crude prices dropped by over 3%. This trend seems set to continue in global markets. Non-OPEC oil producers (e.g., the U.S., Canada, Guyana, and Brazil) are ignoring OPEC’s decisions and ramping up production. Meanwhile, major consumers like China are reducing demand due to the rise of electric vehicles and a slowing economy. The International Energy Agency predicts a surplus of over 1 million barrels per day. OPEC countries will meet this Thursday in a desperate bid to coordinate policies, as oil prices seem unlikely to rise above $80, staying within the $70-$75 range.